Back in June, a kopitiam in Yishun raised eyebrows after it exchanged hands for a staggering price of S$40 million.
After the sale, the new owner said that he would be adjusting the rent for stalls currently operating in the area.
As a result, a few vendors vacated the premises due to the rent reportedly going up to about S$10,000.
Others, however, have decided to stay behind for loyal customers, keeping the same prices for their dishes as well.
8world News reports that a total of five stalls have moved out of the kopitiam at Block 848 Yishun Street 81.
The operator reportedly increased the rent for one stall to up to S$10,000, while the rental cost for just half a stall is S$8,000.
According to 8world News, only three or four vendors plan to return after the coffee shop’s renovation, which will begin in October.
A reporter who visited the premises today (8 Sep) claimed that ten of the fourteen stalls are empty.
In addition to the five stalls that have left, a few others will move out between 18 to 26 Sep.
Eagle-eyed netizens noticed that Hai Nam Zai exited the premises on 30 Aug, relocating to Block 807 Yishun Ring Road, where they began operations yesterday (7 Sep).
Speaking to 8world News, the owner of Hai Nam Zai said he had been running his stall at Block 848 for three years.
Half of the space was his, while the other half was rented by a stall selling roasted chicken wings.
Before the sale of the kopitiam, his monthly rent including utilities was allegedly around S$7,000. But the rent later spiked to S$8,000 — an increase which he actually thought was acceptable.
Upon attempting to rent another stall, though, he found out that he would have to fork out at least S$10,000. He then decided to move to the kopitiam at Block 807.
Excluding water and electricity bills, his new rent amounted to only S$4,000 — half of that at the kopitiam in Block 848.
On the other hand, some vendors have chosen to remain in the coffee shop despite the high expenses.
One of them, who has been operating his noodle stall for 20 years, told 8world News that he wants to continue serving his old customers.
Though rent has increased, he apparently finds the change acceptable and hence isn’t planning to change the prices of his food.
The sale of the kopitiam was initially reported back in June this year. Spanning 4,273 square feet, the S$40 million price tag meant the buyer paid a staggering S$9,361 per square foot.
To assuage concerns, the buyer said the price of coffee and Cai Png will remain the same, but changes to the rent will be unavoidable.
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Featured image adapted from 8world News and Lianhe Zaobao.
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